MUMBAI: Castex Technologies, a subsidiary of automotive component maker Amtek Auto with debt of over Rs 6,000 crore, has been admitted to bankruptcy court. State Bank of India (SBI), the lead bank, initiated bankruptcy proceedings in the Mumbai bench of the National Company Law Tribunal (NCLT). Castex Technologies, a provider of iron cast auto components,…
More than a year after the Insolvency and Bankruptcy Code (IBC), 2016, was put in place, here is a look at the emerging trends of the cases in the courts so far. With 470 cases admitted by the National Company Law Tribunal (NCLT) under the IBC, most experts are keenly watching the outcome of the…
More than a year after the Insolvency and Bankruptcy Code (IBC), 2016, was put in place, here is a look at the emerging trends of the cases in the courts so far. With 470 cases admitted by the National Company Law Tribunal (NCLT) under the IBC, most experts are keenly watching the outcome of the…
A Rockingham security company has been forced to repay more than $200,000 to its employees after under-paying them for just over 12 months. Sureguard Security Pty Ltd landed in the Federal Court of Australia over the underpayments, and was fined last week for the offences which affected 22 employees. A security company has been forced…
By Tom Arnold DUBAI (Reuters) – A Saudi Arabian businessman whose family’s commercial empire is involved in a multi-billion dollar debt dispute has been released from detention in the kingdom’s Eastern Province, according to sources familiar with the matter.Abdulaziz al-Sanea’s release comes as the government steps up efforts to find a company to run a…
AdvertisementBankruptcyDatas detailed analysis and summary of Performance Sports Groups First Amended Joint Chapter 11 Plan of Liquidation, dated November 2, 2017, is now available. The U.S. Bankruptcy Court confirmed the Plan on December 20, 2017; and the Plan became effective on December 21, 2017. Advertisement BankruptcyData notes, The Plan is… Read…
As Eddie Obeid languishes behind bars for a second Christmas and New Year, the family of the corrupt former Labor MP is being pursued in court for hundreds of thousands of dollars in cash they received from the Circular Quay cafes at the centre of his trial. Fairfax Media can reveal the liquidator appointed to Circular Quay Restaurants, the…
Goldman Sachs-backed ReNew Power Ventures Pvt. Ltd is looking to acquire the solar power assets of Mumbai-based Waaree Energies Ltd, Mint reported, citing people aware of the matter. Waaree Energies has about 100 megawatt of solar power assets across Andhra Pradesh and Madhya Pradesh. Last week, Waaree Energies had raised Rs 100 crore ($15.6 million)…
IT seemed luxury Aussie handbag retailer Oroton was doomed last month after it went into voluntary administration. Today, it has risen from the ashes following a takeover bid from a major shareholder. Caledonia Funds Management chief investment officer Will Vicars, who owns 18 per cent of the 79-year-old companys ASX-listed shares, will buy the brand…
The Australian art auction house and gallery Mossgreen has gone into voluntary administration. Its chief executive officer, Paul Sumner, said no vendors, staff or buyers would be out-of-pocket. Mossgreen has chosen to take a path of voluntary administration during the month of January at a time that will least impact our clients and which will…